The Consumer Financial Protection Bureau said the Fair Credit Reporting Act requires credit report furnishers to investigate potential inaccuracies in consumer credit reports.
Community bankers can continue using ICBA’s Be Heard grassroots action center to oppose legislation that would create new credit card routing mandates that expand on Durbin Amendment payments interventions.
Ecommerce credit card spend is expected to surpass $500 billion in 2022 for the first time, according to insiderintelligence.com. Community bank marketers will need to be strategic in their outreach efforts, however, if they hope to capture a piece of the pie.
From digital transformation to the ramp up to instant payments with FedNow and beyond, payments have become the hot topic du jour. However, as community banking executives, we’re juggling multiple balls in the air, and a laser focus on payments can be challenging.
Falling victim to fraud or a scam can be an embarrassing and costly experience. According to a CNBC report published earlier this year, consumers reported fraud losses of more than $5.8 billion in 2021, with imposter fraud and investment scams leading the pack.
In the pre-digital age of marketing, connecting with potential new customers was relatively simple. Everyone watched the same TV channels, listened to the same radio stations, and read the same local newspapers.
Card programs make significant contributions to banks’ revenue through interchange fees, interest charges on credit card balances, and balance transfer fees. Large financial institutions with deep pockets bombard consumers with card marketing campaigns to garner adoption and ideally gain top-of-wallet status.
There are several resources available to community bankers who want to market their credit or debit card program. Below are sites we recommend, which all house free marketing and educational materials to increase awareness and card usage.
The Financial Crimes Enforcement Network underestimates the regulatory burden of information sharing requests between banks and law enforcement under the USA PATRIOT Act, ICBA told the agency.
The OCC announced the appointment of Yue (Nina) Chen as chief climate risk officer. Chen will lead the agency’s Office of Climate Risk and development of climate risk management frameworks for the federal banking system.
The Farm Credit Administration reported that tight labor markets, rising interest rates, a strong dollar, high energy prices, and drought conditions are creating uncertainty in rural economies and farm input prices—though the Farm Credit System is reporting favorable financial results.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the FDIC’s latest Quarterly Banking Profile.
Two-thirds of voters (65%) support allowing cannabis-related businesses to have access to banking services in states where cannabis is legal, the Independent Community Bankers of America (ICBA) announced.
The OCC will reduce assessment rates on OCC-chartered community banks by 40% starting next year, Acting Comptroller of the Currency Michael Hsu announced.
ICBA this week expressed strong opposition to legislation that would create new credit card routing mandates that expand on Durbin Amendment payments interventions.
In recognition of National Preparedness Month in September, the Independent Community Bankers of America (ICBA) and the nation’s community bankers are reminding Americans to create a plan to ease their worries and speed their financial recovery in the wake of a natural disaster.
The Independent Community Bankers of America (ICBA) today announced the winners of its 2022 National Community Bank Service Awards, which celebrate the outstanding service and creative volunteer efforts of the nation’s community banks. Stories are featured in the September issue of ICBA Independent Banker.
